1 Eric A. Hanushek, “Assessing the Effects of School Resources on Student Performance: An Update,” Educational Evaluation and Policy Analysis 19 (1997): 144, https://perma.cc/8KX8-YSVJ.

2 Ibid., 145.

3 C. Kirabo Jackson, Rucker C. Johnson and Claudia Persico, “The Effects of School Spending on Educational and Economic Outcomes: Evidence from School Finance Reforms,” The Quarterly Review of Economics (2016): 157, https://perma.cc/BW56-L9C9.

4 Joydeep Roy, “Impact of School Finance Reform on Resource Equalization and Academic Performance: Evidence from Michigan,” Education Finance and Policy 6, no. 2 (2011): 137–167, https://perma.cc/FL4K-38RU.

5 Jack Spencer, “Michigan Schools Receive Over $12,500 Per Student,” Michigan Capitol Confidential (Mackinac Center for Public Policy, Aug. 11, 2015), https://perma.cc/V6R2-L4LM.

6 Eric A Hanushek, “Spending on Schools,” in A Primer on American Education, ed. Terry Moe (Stanford, CA: Hoover Institution Press, 2001), 81–82, https://perma.cc/3YHR-MYJS.

7 MCL § 380.1281a(2); Monica Scott, “West Michigan Lawmaker Says Comments Education Cost Study Can Reframe Funding Debate” (MLive.com, Jan. 2, 2015), https://perma.cc/5MF3-MJTG.

8 “Funding For School Costs Study Included In Budget,” MIRS Capital Capsule (Michigan Information & Research Service Inc., June 9, 2015), http://goo.gl/pzIFkt.

9 “Ed Cost Study Contract OKed Despite Reps’ Protest,” MIRS Capital Capsule (Michigan Information & Research Service Inc., Sept. 30, 2015), http://goo.gl/zzswlO.

10 MCL § 380.1281a(3).

11 “Ed Funding Adequacy Study Now Expected In Mid-May,” MIRS Capital Capsule (Michigan Information & Research Service Inc., March 28, 2016), http://goo.gl/kdvJrk.

12 “Michigan Education Finance Study” (Augenblick, Palaich & Associates, 2016), https://perma.cc/UW7P-XSQL.

13 “School Finance” (Augenblick, Palaich & Associates, 2016), https://perma.cc/P75K-LH2K.

14 Anabel Aportela et al., “A Comprehensive Review of State Adequacy Studies Since 2003” (Augenblick, Palaich & Associates, Sept. 14, 2014), 9–11, https://perma.cc/Z2X8-2PUN.

15 Ibid., iv, 15.

16 “Public Education Finances: 2005” (U.S. Census Bureau, 2007), xii, https://perma.cc/BQG7-E4M7.

17 John Augenblick et al., “Estimating the Cost of an Adequate Education in Connecticut Prepared By” (Augenblick, Palaich & Associates, June 2005), 78, https://perma.cc/4MK4-NURJ.

18 “Public Education Finances: 2013” (U.S. Census Bureau, June 2015), 11, https://perma.cc/M5GE-SVEJ; Cheryl D. Hayes et al., “Cost of Student Achievement: Report of the DC Education Adequacy Study” (Augenblick, Palaich & Associates, Dec. 20, 2013), 111, https://perma.cc/AG93-6JTH.

19 James W. Guthrie and Matthew G. Springer, “Alchemy: Adequacy Advocates Turn Guesstimates Into Gold,” Education Next (2007): 24–25, https://perma.cc/HQF8-RBT7.

20 Eric A. Hanushek, “Pseudo-Science and a Sound Basic Education,” Education Next (2005): 71–72, https://perma.cc/9KA6-QZA5.

21 “Quality Counts 2016: K-12 Achievement” (Education Week, Dec. 30, 2015), https://perma.cc/69FF-VS5J.

22 Author’s calculations based on NAEP Data Explorer, http://goo.gl/Z3t7sM.

23 “Quality Counts 2006, Resources: Spending” (Education Week, 2006), https://perma.cc/JK7D-E9JQ; “Quality Counts 2016: Michigan State Highlights” (Education Week, Jan. 26, 2016), https://perma.cc/FAC7-NMXV.

24 Paul T. Hill, Marguerite Roza and James Harvey, “Facing the Future: Financing Productive Schools” (Center on Reinventing Public Education, Dec. 2008), 32–35, https://perma.cc/YCM4-CG4K.

25 Eric A Hanushek, “School Resources,” in Handbook of the Economics of Education, ed. Eric A. Hanushek and Finis Welch, vol. 2 (Elsevier B.V., 2006), 889–890, https://perma.cc/7FWX-7LC5.